France's Response to Economic Warfare: Calls for a European Awakening
Eric Lombard criticizes global economic warfare and calls for Europe’s economic awakening at a major conference in Aix-en-Provence.
Key Points
- • Eric Lombard condemns economic warfare by the US, China, and Russia.
- • François Villeroy de Galhau calls for a European economic awakening.
- • Conference highlights Europe’s regulatory burdens and industrial fragmentation.
- • Villeroy's 'Make Europe Great Again' cap symbolizes the need for European unity.
Amid escalating economic tensions globally, Eric Lombard, the CEO of the French Caisse des Dépôts, unequivocally condemned the economic warfare tactics employed by the United States, China, and Russia during the Rencontres économiques d’Aix-en-Provence conference from July 3 to July 5, 2025. He described these nations as "three bullies who no longer respect any rules," illustrating the deepening concern regarding the integrity of international economic practices.
The event saw high-ranking financial leaders converge, including François Villeroy de Galhau, the governor of the Bank of France. Villeroy robustly advocated for a renewed European economic awakening in response to these geopolitical challenges, suggesting that Europe's survival hinges on its unity and strategic agility in face of external pressures. Notably, he donned a green cap emblazoned with the slogan 'Make Europe Great Again,' a direct nod to former U.S. President Donald Trump’s infamous campaign slogan, implying a need for Europe to reclaim its economic prowess amidst rising competition and unpredictability from global powers.
Discussions at the conference reflected a critical consensus on the pressing issues impacting Europe, particularly high regulatory burdens, soaring energy costs, and a fragmented approach to industrial policies. This fragmentation makes Europe vulnerable, especially as nations like China ramp up their competitive tactics while the U.S. appears increasingly isolationist.
Villeroy cautioned that Europe must adapt rapidly to navigate these challenges effectively, echoing Lombard’s remarks about the need to confront the practical implications of such economic warfare. The conference served as a platform not merely for critique but also for the urgent call to action, emphasizing that Europe's ability to regulate its own economy and support its industries is crucial for maintaining its sovereignty and competitiveness on the global stage.